Prime Minister Narendra Modi’s pet project Start-Up India Stand Up India has been started by Finance Minister Arun Jaitley today at Vigyan Bhavan. The ambitious project envisions the start of a great era of startups in India along with business and ethnology incubators and research parks.
Ministry of HRD and Department of Science and Technology have agreed onto establish over 75 startup incubators in the National Institutes of Technology (NITs), the Indian Institutes of Information Technology (IIITs), the Indian Institutes of Science Education and Research (IISERs) and NIPERs (National Institutes of Pharmaceutical Education and Research.) Arun Jaitley was quoted saying, “Start-Up India will bring about the ultimate break from the conventional ‘license raj’ in India.”
The union government will also introduce startup-friendly tax regulations to promote entrepreneurship and innovation and will work towards in creating a healthy eco-system for startups in the country. The finance minister was quoted saying, “We have already worked upon an entrepreneur-friendly taxation regime.” He also said that government will interfere minimally and it will be the facilitator for startups in the country. Both the banking institutions and the government will work closely to make resources available for startups. Beside startups, the government will also lunch Stand Up India Scheme to facilitate SC/ST and Women entrepreneurs to get easy loans from financial institutions. Each branch of each bank (both public and private sector) will adopt one entrepreneur from SC/ST and one from Women and will fund them to start new ventures (in manufacturing or trading especially). By doing so, the finance minister is confident that the government will be able to create more than 3 lakh new entrepreneurs over the next two years course of time.
Mr. Arun Jaitley also stressed on the point that the private sector has over-stressed themselves in job creation but they will closely work with the centre to help banks in lending more to the early-stage startups. The creation of MUDRA (Micro Units Development Refinance Agency) Yojana has been a successful one as it facilitated over 1.73 crore people with loans, according to the finance minister. He also revealed that despite being the fastest growing economy in the world, India has her own share of challenges in the economy front as the world recently has seen a comparative sluggish growth. But however, with foreign investments coming and the country is spending on public sector, the finance minster is quite confident that the growth engines will continue to be alive.
PM will formally inaugurate the Action Plan for the ‘Start-Up India’ event in the evening, as said in his twitter handle.
(With inputs from The Indian Express)